National Storage Affiliates Trust
Q4 2025 Earnings
Market Reaction
Did NSA Beat Earnings? Q4 2025 Results
National Storage Affiliates Trust posted a mixed but resilient Q4 2025, with earnings per share of $0.23 and quarterly revenue of $187.03 million, as a 40.8% year-over-year surge in net income to $36.78 million was driven largely by gains on property sales and stronger contributions from unconsolidated real estate ventures. The more closely watched Core FFO metric came in at $0.57 per share for the quarter, a 5.0% decline versus the prior year, though CEO David Cramer noted the result landed at the top end of the company's guidance range. Same store performance remained under pressure, with Q4 revenue slipping 0.7% and period-end occupancy at 84.0%, down 70 basis points year-over-year, reflecting the soft self-storage demand environment that has weighed on the sector. NSA continued reshaping its portfolio, disposing of 15 properties for roughly $96.89 million while deploying $74.88 million into acquisitions. Looking ahead, the company guided 2026 Core FFO per share of $2.13 to $2.25, with same store NOI growth ranging from -2.0% to 2.0%.
- Sequential improvement in same store revenue growth across nearly all reported markets from Q3 to Q4 2025
- Occupancy delta versus prior year continued to narrow, closing 70 basis points in Q4
- Average annualized rental revenue per occupied square foot increased 1.0% year-over-year in Q4 to $15.76
- Same store property operating expenses decreased 0.8% in Q4 driven by lower personnel, utilities, and insurance costs
- Decreased management fees paid to former PROs following internalization of PRO structure
- Portland, San Juan (PR), and Wichita generated above-portfolio-average same store revenue growth
- Increase in earnings from unconsolidated real estate ventures in Q4
“We delivered solid results for the quarter as all but one of our reported markets showed sequential improvement from the third to fourth quarters of 2025 in same store revenue growth and our Core FFO per share result came in at the top end of our guidance range. Same store revenue growth improved from the third quarter, while the occupancy delta versus last year continued to narrow, closing another 70 basis points in the fourth quarter, further confirmation that our efforts over the last few years to position NSA for growth are starting to deliver results.”
National Storage Affiliates CEO, on the earnings call
Forward Guidance & Outlook
For full year 2026, NSA guided Core FFO per share of $2.13 to $2.25, with same store total revenue growth of -0.3% to 2.1%, property operating expenses growth of 2.0% to 4.0%, and NOI growth of -2.0% to 2.0% (based on a 735-store same store pool). Full-year 2026 diluted EPS is expected between $0.93 and $1.03. G&A expenses (excluding equity-based compensation) are guided at $44.5 to $46.5 million, equity-based compensation at $8.5 to $9.0 million, and management fees and other revenue at $48.5 to $50.5 million. Acquisitions and dispositions (consolidated and joint venture at share) are each expected at $50.0 to $150.0 million. The 2026 guidance includes the impact of assumed refinancing of approximately $359.0 million in 2016 Joint Venture debt maturing in October 2026 (currently at 3.50%) at market interest rates. CEO David Cramer expressed bullishness on NSA's 2026 prospects, citing positive operating momentum continuing into the new year.
NSA YoY Financials
NSA Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.